It's boom time for retirement homes

The number of people aged 60 and above might increase from eight per cent of the population in 2010 to 19 per cent in 2050, according to the United Nations Population Division.

So, by the middle of the century, India could have as many as 323 million 'seniors'.

No wonder that Max India chose to promote its project as 'fun and laughter, 60 and after' when it last year announced entry into the senior living business with an investment of Rs 240 crore (Rs 2.4 billion) through group firm Antara Senior Living.

Max is among the groups tapping the niche elderly housing market, promising good living with facilities from medical to security and recreation.

It's boom time for retirement homes

Amit Vaidya, director, The Golden Estate, said: "There is a serious requirement for senior homes and we see a big opportunity in this segment."

Currently, only 3,000 such units were available in the Indian market while the demand was for about 300,000, he said.

So far, South has been the preferred destination for senior homes. Gaurav Pandey, senior vice-president & head (research & consulting), PropEquity, says: "A few cities like Coimbatore, Pune, Goa, Bengaluru and Chennai have traditionally served as retirement destinations. The presence of more than half the senior homes in these cities confirms this."

The Golden Estate is among those offering a lease model, where residents would have to pay monthly charges.